NZ Tax Haven Inc – of the 1%, by the 1%, for the 1%
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9:19 am, April 4th, 2016 - 92 comments
Categories: Abuse of power, capitalism, International, john key, national, tax -
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Panamanian Law Firm Mossack Fonseca is having a very bad week. The mass leaking of a huge numbers of papers have shown what many of the oligarchs of the world are doing to preserve their ill gotten gains. Radio New Zealand has described the situation:
A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth.
Eleven million documents were leaked from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca, which sets up companies in offshore tax havens.
The BBC reports the papers show how Mossack Fonseca has helped clients launder money, dodge sanctions and evade tax. The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.
The documents show links to 72 current or former heads of state in the data, including dictators accused of looting their own countries.…
The data contains secret offshore companies linked to the families and associates of Egypt’s former president Hosni Mubarak, Libya’s former leader Muammar Gaddafi and Syria’s president Bashar al-Assad.
It also reveals a suspected billion-dollar money laundering ring that was run by a Russian bank and involved close associates of President Putin.
The Financial Review has reported that New Zealand has played a part in what has occurred:
When New Zealand Prime Minister John Key flew into Malta for the Commonwealth Heads of Government Meeting in November 2015, he already knew he shared some important views with his host, Malta’s Prime Minister Joseph Muscat, about the importance of keeping the tax secrets of foreign investors.
Both countries are quiet achievers in the ranks of global tax havens, and both are determined to keep it that way.
While Malta has been fiercely resisting pressure to close tax avoidance loopholes used by foreign companies, including Australian firms, to move profits out of the European Union, New Zealand has fought just as hard to protect its laws that make foreign profits tax-free and invisible for beneficiaries of its offshore trusts.
But what Key didn’t know, as he and Australia’s Prime Minister Malcolm Turnbull mingled with Muscat at CHOGM, was how deep those links really ran.
Just weeks earlier, Muscat’s chief-of-staff, Keith Schembri, and Malta’s energy minister, Konrad Mizzi, had used New Zealand’s secrecy laws to set up two offshore trusts. These were to be linked to a secret Dubai bank account and to two Panama companies that Schembri and Mizzi had set up in 2013 through a Panamanian law firm.
The revelation of the New Zealand trusts has triggered ongoing crisis for Muscat’s government, but it also increases pressure on New Zealand to tighten its tax loophole for foreign trusts.
Makes you wonder why New Zealand is so disinterested in closing the loopholes that let this occur. Fran O’Sullivan recently commented on this:
But it is notable that one of the reasons why New Zealand has yet to follow Australia and bring in rigorous laws to clamp down on multinationals which are not paying significant tax here is because this country is competing for investment.
The Key Government is proceeding at a very slow pace indeed, which is rattling New Zealand businessmen like Spark CEO Simon Moutter, who is adamant that it is unfair to local companies that they have to compete against offshore players who have a tax advantage.
So it looks like New Zealand is being used to hide the investments of the 1% at least some of which is from dubious sources. And they do not even pay tax.
The National Party. Of the 1%, by the 1%, for the 1% …
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- New Zealand needs a strong and stable ETSNew Zealand needs a strong and stable Emissions Trading Scheme (ETS) that is well placed for the future, after emission units failed to sell for the fourth and final auction of the year, Climate Change Minister Simon Watts says. At today’s auction, 15 million New Zealand units (NZUs) – each ...5 days ago
- PISA results show urgent need to teach the basicsWith 2022 PISA results showing a decline in achievement, Education Minister Erica Stanford is confident that the Coalition Government’s 100-day plan for education will improve outcomes for Kiwi kids. The 2022 PISA results show a significant decline in the performance of 15-year-old students in maths compared to 2018 and confirms ...6 days ago
- Collins leaves for Pacific defence meetingDefence Minister Judith Collins today departed for New Caledonia to attend the 8th annual South Pacific Defence Ministers’ meeting (SPDMM). “This meeting is an excellent opportunity to meet face-to-face with my Pacific counterparts to discuss regional security matters and to demonstrate our ongoing commitment to the Pacific,” Judith Collins says. ...7 days ago
- Working for Families gets cost of living boostPutting more money in the pockets of hard-working families is a priority of this Coalition Government, starting with an increase to Working for Families, Prime Minister Christopher Luxon says. “We are starting our 100-day plan with a laser focus on bringing down the cost of living, because that is what ...7 days ago
- Post-Cabinet press conferenceMost weeks, following Cabinet, the Prime Minister holds a press conference for members of the Parliamentary Press Gallery. This page contains the transcripts from those press conferences, which are supplied by Hansard to the Office of the Prime Minister. It is important to note that the transcripts have not been edited ...7 days ago
- Lake Onslow pumped hydro scheme scrappedThe Government has axed the $16 billion Lake Onslow pumped hydro scheme championed by the previous government, Energy Minister Simeon Brown says. “This hugely wasteful project was pouring money down the drain at a time when we need to be reining in spending and focussing on rebuilding the economy and ...1 week ago
- NZ welcomes further pause in fighting in GazaNew Zealand welcomes the further one-day extension of the pause in fighting, which will allow the delivery of more urgently-needed humanitarian aid into Gaza and the release of more hostages, Foreign Minister Winston Peters said. “The human cost of the conflict is horrific, and New Zealand wants to see the violence ...1 week ago
- Condolences on passing of Henry KissingerForeign Minister Winston Peters today expressed on behalf of the New Zealand Government his condolences to the family of former US Secretary of State Henry Kissinger, who has passed away at the age of 100 at his home in Connecticut. “While opinions on his legacy are varied, Secretary Kissinger was ...1 week ago
- Backing our kids to learn the basicsEvery child deserves a world-leading education, and the Coalition Government is making that a priority as part of its 100-day plan. Education Minister Erica Stanford says that will start with banning cellphone use at school and ensuring all primary students spend one hour on reading, writing, and maths each day. ...1 week ago
- US Business Summit Speech – Regional stability through tradeI would like to begin by echoing the Prime Minister’s thanks to the organisers of this Summit, Fran O’Sullivan and the Auckland Business Chamber. I want to also acknowledge the many leading exporters, sector representatives, diplomats, and other leaders we have joining us in the room. In particular, I would like ...2 weeks ago
- Keynote Address to the United States Business Summit, AucklandGood morning. Thank you, Rosemary, for your warm introduction, and to Fran and Simon for this opportunity to make some brief comments about New Zealand’s relationship with the United States. This is also a chance to acknowledge my colleague, Minister for Trade Todd McClay, Ambassador Tom Udall, Secretary of Foreign ...2 weeks ago
- India New Zealand Business Council Speech, India as a Strategic PriorityGood morning, tēnā koutou and namaskar. Many thanks, Michael, for your warm welcome. I would like to acknowledge the work of the India New Zealand Business Council in facilitating today’s event and for the Council’s broader work in supporting a coordinated approach for lifting New Zealand-India relations. I want to also ...2 weeks ago
- Coalition Government unveils 100-day planPrime Minister Christopher Luxon has laid out the Coalition Government’s plan for its first 100 days from today. “The last few years have been incredibly tough for so many New Zealanders. People have put their trust in National, ACT and NZ First to steer them towards a better, more prosperous ...2 weeks ago
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- Walking and talking: The Waitakere hīkoi teaching locals about the place they live
A West Auckland iwi is sharing its stories with other Waitakere community members through a unique programme of guided walks. At the meeting point of the Whau awa and Te Waitematā in Waitakere sits Harbourview Park, a taonga of te taiao near the heart of our nation’s biggest city. ...1 hour ago - Digital ID will go mainstream across Australia in 2024. Here’s how it can work for everyone
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- Prime Minister Christopher Luxon: High net migration not sustainable for New Zealand
New Zealand's 118,000 net migration gain in a year is unsustainable, and infrastructure needs to be better managed to support growth, says Prime Minister Christopher Luxon. ...3 hours ago - Transporting New Zealand Outlines Road Freight Priorities
Road freight peak body Ia Ara Aotearoa Transporting New Zealand has released its industry briefing to the Minister of Transport Simeon Brown, including setting out eight actions that would provide practical support and reassurance to the freight ...3 hours ago - Greenpeace billboard labels government 'climate extremists' over oil and gas exploration p...Anyone promoting more fossil fuel use in the midst of a climate crisis deserves to be called out as "extremist", Greenpeace says. ...4 hours ago
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- Opinion: Will Our New Government Take The Chance To Fix Accessibility Bill?By Peter Reynolds, New Zealand Disability Support Network CEO I’m holding my breath - hoping for better Accessibility legislation that delivers world class support for all disabled New Zealanders. There’s work to do before we get there. Earlier this ...4 hours ago
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- How an underwater sculpture trail plays a role in the health – and beauty – of the Great Barrier...Source: The Conversation (Au and NZ) – By Adam Smith, Adjunct Associate Professor, James Cook University The widespread demise of coral reefs due to climate change is now a certainty. But what role does art have in our future for coral reefs? Art is about feelings. One of the ...5 hours ago
- Workplace Relations Minister Brooke van Velden 'less certain' of good relationship with un...The new Workplace Relations and Safety Minister has a busy two weeks ahead, with promises to axe Fair Pay Agreements and start work to reinstate 90-day trials before the summer break. ...6 hours ago
- 2024 will be make or break for New Zealand infrastructureRoads, pipes, houses, hospitals: our infrastructure challenges are overwhelming in their size and scale. Will the government’s new approach make any difference, asks Catherine McGregor in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign up here. A challenge of ...6 hours ago
- Sliding backwards on human rights
This week marks the 75th anniversary of the Universal Declaration of Human Rights. But is the agreement New Zealand signed up to at the UN so long ago still relevant? And are assumptions that we’re doing just fine in this area starting to look a little smug? Today on ...7 hours ago - Workplace Relations Minister 'less certain' of good relationship with unionsThe new Workplace Relations and Safety minister has a busy two weeks ahead, with promises to axe Fair Pay Agreements and start work to reinstate 90-day trials before the summer break. ...7 hours ago
- Xmas: the best nonfiction of 2023New Zealand nonfiction in 2023 went in pursuit of worthy subjects – Māori health, white privilege, law and order, the foaming mad of the alt-right – but lacked the personal touch. In contrast with the blazing artistry and honesty of Charlotte Grimshaw’s memoir The Mirror Book (2021) and Noelle ...8 hours ago
- Winston Peters’ rabbit hole problemClaims by a Whatu Ora staffer have attracted the attention of conspiracy groups in NZ and around the world. And they’re demanding attention from someone they thought was on their side. They didn’t all love him. This was the guy, after all, who stood in lockstep with their bete noire, ...8 hours ago
- Leaders go round in a circle at climate summitSigns of weaker language on the phase-out of fossil fuels emerged yesterday as the United Nations’ COP28 climate summit delegates prepared for the final few days of talks. To that end, Sultan Al Jaber, the United Arab Emirates’ chair of the negotiations, convened a majlis – a gathering of elders ...8 hours ago
- Defence Force boosts sexual assault response after ‘serious’ staff auditFormer Navy engineer welcomes reinforcement of armed forces' Sexual Assault Response team, in the hope her daughters' generation won't suffer what she did. The post Defence Force boosts sexual assault response after ‘serious’ staff audit appeared first on Newsroom. ...8 hours ago
- Beyond Xero: Is Wellington ready to take on the fintech world?Seventeen years after Xero launched in a one-bedroom apartment on Willis St, the next generation of Wellington financial startups is ready to go big. Will the capital take advantage? In 2006, Rod Drury and Hamish Edwards started a little company in a one-bedroom apartment on Willis St with the janky ...8 hours ago
- Newsroom daily quiz, Monday 11 DecemberLoading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A[quiz],DIV[quiz],A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question? Send Newsroom your questions. The post Newsroom daily quiz, Monday 11 December appeared first on Newsroom. ...8 hours ago
- Mackenzie solar farm stoush heads to courtApplicants for an 88MW solar array in the Mackenzie Basin says the site's biodiversity values are 'vastly overstated' The post Mackenzie solar farm stoush heads to court appeared first on Newsroom. ...8 hours ago
- Strong and stable pay for all – not just for politiciansIf a market is structured so a race to the bottom is encouraged, then businesses will start racing there The post Strong and stable pay for all – not just for politicians appeared first on Newsroom. ...8 hours ago
- Daily crossword, Monday 11 DecemberThe post Daily crossword, Monday 11 December appeared first on Newsroom. ...8 hours ago
- Surging migration expected to lift economic outputNet migration of 120,000 in 2023 has helped to grow population by 2.7% and supported higher output and demand The post Surging migration expected to lift economic output appeared first on Newsroom. ...8 hours ago
- Government to toughen scrutiny of international students as it slashes net migration over two yearsSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Australia’s net-overseas migration levels will be cut dramatically over two years to bring the country’s exploding intake back to sustainable numbers. In estimates to be released on Monday, net-overseas migration will be 375,000 this ...13 hours ago
- Another march on the cards if new government lets Ngāpuhi down – Hinerangi Cooper-PuruDame Whina Cooper's daughter says her mum would have urged Ngāpuhi to never give up the struggle for justice. ...15 hours ago
- With Annastacia Palaszczuk gone, can Labor achieve the unachievable in Queensland?Source: The Conversation (Au and NZ) – By Paul Williams, Associate Professor, Griffith University, Griffith University Democracies are, by nature, systems of stability and change. But, north of the Tweed River, Queensland politics is very much about stability, and only a little about change. Where, for example, New South Wales ...17 hours ago
- Environmental Defence Society releases its Briefings for Incoming MinistersEDS has today released its Briefings for Incoming Ministers in the new Coalition Government. The BIMs cover the following portfolio areas and Ministers: Hon Penny Simmonds, Minister for the Environment Hon Chris Bishop, Minister for Resource Management ...23 hours ago
- Tobacco researcher: New Zealand's reputation 'now pretty tarnished' amongst scientist...A public health academic says New Zealand's rowback on smokefree legislation is "very embarrassing" and has tarnished our reputation. ...1 day ago
- Why does some popcorn not pop?Popcorn has one job. So what happens when it fails? Charlotte Muru-Lanning reports from the stovetop. This is an excerpt from our weekly food newsletter, The Boil Up. There’s nothing quite like the lively ceremony of making stovetop popcorn. First there’s the clattering of those amber-coloured kernels into the pot. Hopefully within minutes, there’s the first hollow pop. Then, ...1 day ago
- In-between kids: The volunteering experience that inspired Before GeorgeDeborah Robertson on what inspired her to write her new novel, and to set it in 1953 – the year of the Tangiwai disaster. A group of six girls in purple T-shirts are sitting on a log. Well, not really a log. It’s an equestrian hurdle that has been carved ...1 day ago
- Coaster calls for Government to plug stopbanksA Harihari dairy farmer whose land was flooded when a stopbank failed this year says river protection on the West Coast has become unaffordable and the Government should urgently restore subsidies for the work. Andy Campbell lost the use of 100ha when the Wanganui River breached a stopbank last ...1 day ago
- We’re going on a bat huntIn rural South Auckland, a team of conservationists head out on a nocturnal mission to track down Aotearoa’s only native land mammal. Asia Martusia King tags along. The bat hunt begins as usual: with Vengaboys. A group of scientists sits somberly around a table in a rural South Auckland paddock, ...1 day ago
- The Sunday Essay: Is there an age when you can no longer dance?How I faced the limitations of dancing into the ‘sunset years’ of my life. The Sunday Essay is made possible thanks to the support of Creative New Zealand. Illustrations by kūkū. “To choose to be a dancer is a lovely act of defiance” – Daniel Nagrin, How to Dance Forever ...1 day ago
- Ngāpuhi hapū gather to receive Tribunal report on Treaty grievancesA landmark Waitangi Tribunal report into injustices suffered by Ngāpuhi will strengthen the iwi's case as it looks to restart its stalled Treaty settlement negotiations, a hapū leader says. ...2 days ago
- ‘We’re legit filmmakers’: The story behind Viva La Dirt League’s epic new studioIn just 18 months, the Auckland-based YouTube channel has gone from working from home and out of cafes to a brand new multi-million dollar studio. Sam Brooks asks the trio how they pulled it off, and what they’re planning to do with it. On December 4, a video called “The ...2 days ago
- Focus on Politics: Māori dissent sets the scene as Parliament returnsThe resumption of Parliament this week has been underlined by outcry from Māori, soon matched by fury within the debating chamber. ...2 days ago
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- Rod Oram: Words, crowds and Kiwis at global climate summitSearching widely for ways to overcome deep opposition by fossil fuel nations to a phase-out of their products, the President of COP28 enlisted an ally while negotiators sought subtler language yesterday. “We have been asked by the UAE presidency to help find common language that will be acceptable ...2 days ago
- Food writing isn’t really about foodWith a topic so universal, it’s almost always about something bigger. Consider the contents of your fridge. What kinds of fruits and vegetables are in your crisper drawer? How much did that block of cheese set you back? Where did you source most of this kai from? Are there ingredients ...2 days ago
- Long Read: The grief birdYou can read the full story, plus see photographs from Craig McKenzie, in the November-December issue of New Zealand Geographic magazine, or on their website. The bittern’s eerie, booming call sounds like a lament, a tangi ringing across the marshes. Now, the birds themselves are in trouble. ...2 days ago
- Theatrical performance: does music work for surgery?Opinion: You may have been there, waiting your turn, wearing an ill-fitting hospital gown, surrounded by a flurry of staff, the smell of disinfectant in the air. If you’ve ever undergone surgery, you probably know the nervous, stress-laden pre-op feeling. What may come as a surprise is that ...2 days ago
- Short story: Beautiful Isolation, by Catherine Chidgey1. In the evening and in the night, I sit on the balcony and think of you. I can’t see the water but I know it’s there, soft and slow. We bathed in it that last day, you and I, when the dusk hung heavy as cloth of gold ...2 days ago
- Togs, togs, undies: The story behind NZ’s most iconic summer adAlex Casey unearths the origin story of an New Zealand icon – featuring a surprise cameo from an international comedy megastar. At first glance, the Facebook post from a Waipu cafe reads like any other heartfelt change in ownership announcement. “George and Amber have reflected on their involvement in our ...2 days ago
- Their house, my garden: What to do when your plant is boltingThis week on Their house, my garden, why my spinach plant has grown suspiciously tall, and how to deal with your own over-eager plants. Beginner gardeners would be forgiven for thinking a plant growing tall is reason to celebrate. We are, after all, the kind of species who mark door ...2 days ago
- Government rocked by second leak in five days, ministers suspend analysis of repeal proposalsThe new government has been rocked by the leaking of another confidential paper to the New Zealand Herald - the second to spill in just five days. ...3 days ago
- 'He gets it' – Christopher Luxon impresses locals on first visit to cyclone-battered...Luxon drove the crumbling SH2 with a handful of MPs on Friday morning to reach the small town, gauge progress of its recovery, and learn what it needs from the new government. ...3 days ago
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- Frank and far-reaching: Senate report recommends shake-up of the way freedom of information is handl...Source: The Conversation (Au and NZ) – By Johan Lidberg, Associate Professor, School of Media, Film and Journalism, Monash University The most significant recommendation in the Senate inquiry report on the functionality of the Commonwealth FOI system is this: move the federal Freedom of Information (FOI) function from the Office ...3 days ago
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- This is the endWell, it’s 4.30pm on a Friday which feels as appropriate time as ever to say goodbye. The Spinoff’s live updates have come to an end, almost four years after they were first switched on. If you missed my explainer this morning of what’s going on, here it is. In short: ...3 days ago
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- Yes, landlords gain from the repeal of interest deductibility rules – but it was a flawed law from...Source: The Conversation (Au and NZ) – By Alison Pavlovich, Senior lecturer in the School of Accounting and Commercial Law, Te Herenga Waka — Victoria University of Wellington The new coalition government has announced a suite of tax reforms, including reintroducing the ability for property investors to deduct the interest ...3 days ago
- The Unity Books bestseller chart for the week ending December 8The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington. AUCKLAND 1 The Bee Sting by Paul Murray (Hamish Hamilton, $37) The runner-up for the 2023 Booker Prize ...3 days ago
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- National Trying To Rewrite History By Removing App Tax Website And Press ReleaseThe Taxpayers’ Union is calling on the National Party to front up to consumers who will face 15% higher prices for some services from the likes of Uber, Airbnb and food delivery apps after their app tax U-turn rather than trying to erase all ...3 days ago
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Here you see the motivation for the flag referendum. It is of paramount importance to maintain NZ’s almost unique parliamentary dictatorship if it is to fulfill its role on behalf of the global 0.0001%. A republic with stuff like an independent judiciary and an executive accountable to the people, the courts and the constitution is anathema to our current position, that of lackey to Key’s City of London finance capital cronies.
Explains lots. Why NZ dollar is so heavily traded, why we have a risk premium and why we rely on commodity exports, and why political commentators do the neo-lib of talking blandly how people are rational, party officers being more motivate hold more radical positions, etc etc all simpliest obvious discussions of form avoiding any substantial subject matter.
This will have a long deep roll to it, a real earth shake in political leadership circles.
Spectacular journalism.
Lots here.
http://interactive.fusion.net/dirty-little-secrets/
https://www.facebook.com/hashtag/panamapapers?source=feed_text&story_id=10154132858148628
edit: ICIJ seem to be overloaded so be patient.
https://panamapapers.icij.org/
https://panamapapers.icij.org/the_power_players/
Get the sickening feeling that the uber rich ex Merrill Lynch wonder boy, John Key, just happened to land on his feet as PM just a little too conveniently in our dirty little tax haven for who knows whose ill gotten gains.
Welcome to New Zealand, the no questions asked, tax free money laundromat. Even Dubai and Panama turned these crooks away, but not little bent ol’ NZ.
Makes you wonder doesn’t it, how much cash are our clever National Party millionaires hiding away and why?
You nailed it!
QFT
The National Party is inherently corrupt. This is not because the members are corrupt, although I’m sure that some are, but because the policies that National promote and enact support and reward corruption.
“Makes you wonder why New Zealand is so disinterested in closing the loopholes that let this occur”
How long have these loopholes existed?
“Politics is inherently corrupt. This is not because the members are corrupt, although I’m sure that some are, but because the policies that politicians promote and enact support and reward corruption”
FIFY
No, you broke it. I said National for a reason – they’re corrupt.
Note the bribe to the Saudis for a FTA?
Note the Speaker not holding National Ministers to the question?
Note how many National Ministers have used their position to promote their own business?
Note the crony capitalism?
The list goes on and on.
“How long have these loopholes existed?”
I am almost positive allowing anonymous trusts for non-residents was one of the first actions of the National government in 2009. I am asking my Labour MP to check it out. If I am correct, it will make today’s National denials an obvious pack of lies.
http://www.chapmantripp.com/publications/Pages/New-Zealand-now-an-attractive-tax-location.aspx
2011
Thanks, Pat. That’s great.
As Pat’s link shows, NZ became a tax haven in 2011 . . . under National!
Naked Capitalism’s Richard Smith has been revealing relationships between the New Zealand government bureaucracy and the less-savoury side of international money transfers and business scams for years now. He appears to be right on top of this latest, and then some. In addition to citing numerous and reliable sources, he does a lot of independent research, so his work is thorough and authoritative, not emotional rabble-rousing.
http://www.nakedcapitalism.com/2016/03/new-zealand-foreign-trusts-and-the-unaoil-scandal-more-chickens-coming-home-to-roost-and-theyre-big.html
For more detail on this and similar not-reported-in-the-Herald news over the past few years, just click on the “New Zealand” topic down in the right-hand column of any NakedCap page, where many ongoing topics are listed alphabetically, and there are 65 entries under New Zealand.
If you believe key, turnbull etc didnt know how extensive this is then I have a few bridges to sell.
Working practical ones not dudes with the first name simon
Iceland’s prime minister, Sigmundur Davíð Gunnlaugsson, accused of hiding millions of dollars of investments offshore, walks out of an interview over tax haven questions.
http://www.theguardian.com/world/video/2016/apr/03/icelands-prime-minister-walks-out-of-interview-over-tax-haven-question-video?CMP=share_btn_tw
Lotsa puckering, I reckon
IAN CAMERON
Father of David Cameron
The father of Great Britain’s current Conservative Prime Minister died in 2010, having amassed a fortune in smart investments. According to the documents, “Cameron helped create and develop Blairmore Holdings Inc. in Panama in 1982 and was involved in the investment fund until his 2010 death.” Blairmore was valued at $20 million in 1998 and was promoted to investors in brochures as “not liable to taxation on its income or capital gains.” The promotional literature added that Cameron’s fund “will not be subject to United Kingdom corporation tax or income tax on its profits
http://fusion.net/story/287227/famous-presidents-shell-companies-trove/
Why would a fund in Panama, or just about anywhere else for that matter, be subject to UK corporation or income tax on it’s profits?
It’s the hypocrisy.
The Cameron’s minimised their liabilities, David Cameron inherited just under the tax threshold at the time, by stowing their wealth offshore yet PM Cameron pledged to “sweep away” tax secrecy in Britain.
http://www.theguardian.com/politics/2012/apr/20/david-cameron-jersey-panama-geneva
http://www.telegraph.co.uk/news/worldnews/g8/10122298/Britain-to-clamp-down-on-corporate-tax-avoidance.html
The beneficiaries of the fund (company) are liable for taxes in the country where they live.
Combine this with the flood of dubious flight capital out of Asia laundered in the Auckland property market … and it’s hard to avoid thinking Mr Merchant Banker Boy isn’t up to his eyeballs in it somewhere.
It’s very unlikely that he’s been stupid enough to be involved in any direct manner that would leave a paper trail. He’s too smart and experienced for that. But certainly his history and his actions (or lack thereof) suggest his role has been to enable this mess.
After all was it not one of his ideas that Auckland should become some sort of ‘finance hub’ of the Asia Pacific world? At the time everyone more or less thought the idea ‘barking mad’, but now we get a glimpse of what he really had in mind.
He can write a whole new Theory K!
(For anyone who remembers the ’80s)
There is ALWAYS a paper/digital trail in today’s world.
The only way to avoid it is to hold cash (folding money), gems, gold, etc. and bury it in your garden. These millions of dollars are nothing more than computer entries.
Just weeks earlier, Muscat’s chief-of-staff, Keith Schembri, and Malta’s energy minister, Konrad Mizzi, had used New Zealand’s secrecy laws to set up two offshore trusts.
What secrecy laws?
We calling for the repeal of the Privacy Act?
“We calling for the repeal of the Privacy Act?”
doesnt apply “offshore”….
Hell yeah. Lets come up with something new, as it obvious they only there to protect business on the dodge.
Because if you missed the memo The Gormless Fool formerly known as Oleolebiscuitbarrell, we are being spied on.
You are probably being spied on for responding to me, or Bill, or Colonial Viper, or weka just to name a few.
“What secrecy laws?”
Do a Google search, “NZ tax haven.” It’s very simple to understand.
This has nothing to do with the Privacy Act, which has already been rendered worthless by Key allowing the SIS and GCSB to have any information they want from any source without a warrant and without telling anyone they have copied the information.
This is about foreigners, NON-residents, setting up trusts which the IRD cannot monitor. The Privacy Act is about screwing us residents. This about non-residents screwing their home countries.
I think I would search the 11 million documents for “John Phillip Key”.
+100
I wish some one would/could
This could get very, VERY interesting.
Time to sell all my shares in Teflon Coatings inc, I think.
could be a reason why Nicky Hager’s computers were seized?….to find out what he knew and had on them?…
…certainly shows why we need investigative journalists!…and why they must be protected from the police harrassment and state persecution and state corruption
I love connecting dots.
Did you know that the woman who cleans John Key’s house is Panamanian? Coincidence? Her husband’s favourite footballer is Lionel Messi, a Mossack Fonseca client. Coincidence? Messi plays for Barcelona. Legend says that Barcelona was founded by Hercules, a Greek.
Boom!
Nicky Hager has been working on international tax havens for a few years now, as part of the ICIJ journalistic team. This is common knowledge, and ICIJ has broken the story.
Given that the Herald is just reprinting Washington Post articles, this NZ link is not highlighted. But it is relevant for us here in NZ, knowing the recent debacle around Nicky Hager’s illegal computer data seizure by the police.
+100….so I was correct!….thanks Molly for that valuable link!…worth going through the names of the incredible and brave international journalists …Hager is definitely there!
…maybe the police and this government have more questions to answer as regards the persecution of Nicky Hager!
….cover up of NZ government and politician corruption?
This from Giovanni Tiso:
“Do you remember? Foreign tax havens was also the thing Odgers minded Hager investigating and hoped he would be chop-chopped for by Russians.”
Screechy McHooton’s been commenting again… funny that he’s not on this thread enlightening us, since he’s such a good friend of Odgers and has discussed this very issue with her.
Spontaneous boom in your head stale biscuit. I wonder if we’ll see Little Churchill suddenly up and resigning ?
The Gormless Fool formerly known as Oleolebiscuitbarrell – Bro – crack pipe – put it down and walk away.
Sheesh not been a good week man, it just not been a good few weeks, for your Tory idiots.
regarding corruption and theft of the state by corporations this is very interesting ( posted yesterday by CV on Open Mike)
https://www.rt.com/shows/keiser-report/338108-episode-max-keiser-896/
…In the second half, Max interviews Kerry-Anne Mendoza of TheCanary.co …
Taxes are only for you poor waged and salaried working saps, and for Kiwi small businesses struggling to get by month to month.
Not for the 0.1% who can afford the best accountants and private wealth bankers in town.
Big question, who is the leaker?? Its a huge leak so I hope he/she is keeping themselves safe, they will be hunted to the furthest corners of the planet by protectors of the 1% . No wonder the PM keeps widening the security powers here. It gets murkier by the minute.
they mention the whistleblower here…..apparently did not ask for money or favors
a good run down on events, who is implicated etc.
from the Sueddeutsche Zeitung, maybe one of the most prestigious Newspapers in Germany.
http://panamapapers.sueddeutsche.de/en/
Technically, the 1% are the professional enablers, advisors and senior managers who act to protect the wealthy power elite – the 0.01%.
But wait a moment. JUst think about it. You mean the richest people would rather hire people to keep them rich by avoiding paying tax, and not hire people to make them richer. i.e funding progressive capitalism over conservative capitalism. So under investment, social infrastruture, all now require taxation and those who ovid paying are being target whereas those who like Buffett invedt in great managers are not worried.
Its like Trump, rich Americians have built this right wing republician machine, all geared to make it harder to elect progressives, and then they wonder why progressives get leaner and meaner. i.e Social conservative would be better served by those that hold the line rather those who stop progressive einevitable.
Trump is just exposing the corrupt Republician processes.
The leaking of information seems the only way we can find out what is being hidden or supressed by this government
How sad is that!!
Good report from Kathryn Ryan on RNZ
‘New Zealand’s role in massive tax haven leak’
http://www.radionz.co.nz/national/programmes/ninetonoon/audio/201795645/new-zealand's-role-in-massive-tax-haven-leak
“Millions of documents from a Panamanian law firm show how the world’s rich and famous, including world leaders, hide their money offshore – including setting up foreign trusts in New Zealand to avoid paying tax. The papers reveal the Maltese Energy Minister Konrad Mizzi, and the Prime Minister’s Chief of Staff, Keith Schembri, have set up trusts in New Zealand which under our laws do not have to pay any tax on their Panama income. The revelations have caused a political storm in Malta. Nine to Noon speaks to Malta Independent columnist Daphne Caruana Galizia. Professor Craig Elliffe from Auckland University’s business school explains how New Zealand laws have allowed people overseas to use local companies to avoid paying tax.”
Note however, that THE USA is now the tax haven of choice:
http://www.bloomberg.com/news/articles/2016-01-27/the-world-s-favorite-new-tax-haven-is-the-united-states
So that’s why you won’t find many American tax-dodgers in the newly released leak. Why bother with offshore havens when there are better havens in the USA already?
Try connecting those dots, folks.
This too.
But one country has been absent from the discussion: the United States of America. No American politicians have been named (yet) in the leak. Is this because, to paraphrase media critic Adam Johnson, American politicians are “pure and good and incorruptible?”
Unlikely. What’s more probable is that US- Panamanian relations over the 39 years that MF has existed have contributed to a culture where Americans do not feel comfortable storing their ill-gotten gains in the Central American country.
http://eoinhiggins.com/no-us-names-in-panama-papers-leak-why-not/
One of the best US tax haven states is Delaware, a tiny state virtually owned by the DuPont family. Can you think of any famous Americans from Delaware?
Joe Biden, Vice President Biden to you.
Wyoming is another thinly populated but very popular US tax haven state. Famous Americans from Wyoming? Dick Cheney.
Third on our list of US tax haven states is Nevada, the state the Mob built.
‘The Opal files’ are decades old
Nicky Hager has been working on this for a while now. As Chooky mentions above, does add another layer to the issue of his computers being seized.
But I think his name should be mentioned in any article that references the work that ICIJ has been doing in this area.
Is this what John Key was really meaning when he said New Zealand could become the Switzerland of The South?
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11611816
The video in this article is very informative.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11616609
New Zealand has been used as a tax haven by people to help commit War Crimes and finance the kidnapping and raping of underage girls who are then sold as sex slaves as well as a host of other crimes that need their money to be hidden away.
And John Key and the government are in total denial – just as they were when Dirty Politics was released. Deny everything. Deny…deny…deny. I guess they work on the principle if you deny often enough people will start to believe you.
Worked just fine so far.
Yup.
For once he was not LYING Michael
New Zealand is one of the easiest places in the world to get a banking license or form an Offshore Finance Company , ESPECIALLY if its an “offshore” one..
http://www.stuff.co.nz/business/industries/69220090/ICBC-New-Zealand-breaches-conditions-of-bank-registration-again
http://www.interest.co.nz/news/60461/entities-peddling-unregulated-nz-offshore-finance-companies-world-tout-their-benefits-and
“The organization of this program provides you an online bank, that is based in New Zealand. Your OFC can provide commercial and private banking services with very little or no restrictions to a worldwide customer base. Your New Zealand company can offer the same services as any fully licensed bank, however the word “bank” cannot be used in the entity name, alternatives such as “Credit Union” and/or “Savings & Loan” are often used”
http://www.offshorecorporation.com/newzealandofc
“Your New Zealand company can offer the same services as any fully licensed bank, however the word “bank” cannot be used in the entity name” how sketch does this part sound !
so they persecute and stop poor young New Zealand university students who havent paid their university loans and interest on their student loans at the boarder
….but not the wealthy international tax evaders
…hypocrisy MUCH!
It’s the Golden Rule. Them that’s got the gold make the rules.
Craig Murray poops the party.
Unfortunately the leaker has made the dreadful mistake of turning to the western corporate media to publicise the results. In consequence the first major story, published today by the Guardian, is all about Vladimir Putin and a cellist on the fiddle. As it happens I believe the story and have no doubt Putin is bent.
But why focus on Russia? Russian wealth is only a tiny minority of the money hidden away with the aid of Mossack Fonseca. In fact, it soon becomes obvious that the selective reporting is going to stink.
[…]
Expect hits at Russia, Iran and Syria and some tiny “balancing” western country like Iceland. A superannuated UK peer or two will be sacrificed – someone already with dementia.
The corporate media – the Guardian and BBC in the UK – have exclusive access to the database which you and I cannot see. They are protecting themselves from even seeing western corporations’ sensitive information by only looking at those documents which are brought up by specific searches such as UN sanctions busters. Never forget the Guardian smashed its copies of the Snowden files on the instruction of MI6.
https://www.craigmurray.org.uk/archives/2016/04/corporate-media-gatekeepers-protect-western-1-from-panama-leak/
+1, I saw it on the news and thought it was funny that we got to see Putin painted as the devil again – like we always do by the likes of the BBC and our own media that regurgitates it. Meanwhile thousands of rich, influential westerners walk free so far.
” thought it was funny that we got to see Putin painted as the devil again”
I just thought the biggest headline went to the biggest fish that has been caught out. Happened to be Putin (I’m not saying there wouldn’t have been a bit of glee expressed at that). On The Guardian front page there are specific, smaller headlines for Iceland, Hong Kong and FIFA.
I guess the next few days will show if that headline was bias when we see the level of attention that gets paid to the likes of David Cameron’s dad.
Not that I like linking to it, but the Daily Mail has a headline with a much more diverse selection of those caught in the net
The Guardian hit on Putin was a classic though. Putin is connected to some old friends who are connected to some old friends who are connected to people who move a lot of money around tax havens, shell companies and nominee directors.
Regardless, I have no doubt that Putin has pocketed a lot of wealth on the way up the ladder, and that he has kept himself in power by spreading that wealth around a core group of Moscow players, enabling his ‘team’ to go toe to toe pressuring Russian oligarchs, corporations etc.
Putin does make it quite easy to hit – maybe because of those friends and networks you mention. Also possibly because he knows how to play the popularity game back home. He can manage the fall-out so maybe isn’t as careful as he could be.
The Cameron Sr stuff is out, the story reads like it has had the lawyers all over it. It seems Cameron Jr was a bit risk averse so he should survive this.
I’m especially enjoying the Ukraine story – because it involves the NATO-backed leader, and also because of a bit of a ‘where have I heard this before moment?’ The excuses and methods sound much like Whitechapel/Aldgate trusts – which of course, won’t be caught up in this leak because USians don’t use Panamanian financial and legal services.
Poor old Ukraine is the meat in the sandwich. Russia wants Ukranian politicians in charge who have been bought by the Kremlin. NATO wants Ukranian politicians in charge who have been bought by the USA.
The actual Ukranian people – no one cares about them. Especially not their political “leadership.”
A heartfelt ‘yes’ to that one.
I’ve met a few people here who have escaped that quagmire. There are parallels with Poland last century, I think.
Typical internal memo for the 1%’s spin doctors & PR companies : Due to recent increased workflows..
1. “All new staff leave applications will be placed on hold until further notice.”
2. “Next weeks team building exercise has been cancelled.”
3. “We will be using Davids office for recruitment interviews over the following weeks”
They do pay a sort of tax in New Zealand but not to the New Zealand tax coffers, they pay it to their sponsor The National Party via anonymous donation and cabinet club dinners.
Just look at how much the National party receives yearly in Anonymous donations.
If the anonymous donations loopholes got fixed the tax loopholes would also be fixed very quickly.
What role has NZ Prime Minister John Key played in New Zealand’s new international status as ‘the quiet tax haven achiever’?
How much has New Zealand’s perceived status as the (now) fourth ‘least corrupt country in the world’ helped in achieving our new international status as ‘the quiet tax haven achiever’ ?
How many ‘politically exposed persons’ from NZ may be ‘politically exposed’ in this massive ‘whistle-blowing’ leak?
______________________________________________________
The Panama papers: NZ – the quiet tax haven achiever
What are the Panama Papers?
by Neil Chenoweth
When New Zealand Prime Minister John Key flew into Malta for the Commonwealth Heads of Government Meeting in November 2015, he already knew he shared some important views with his host, Malta’s Prime Minister Joseph Muscat, about the importance of keeping the tax secrets of foreign investors.
Both countries are quiet achievers in the ranks of global tax havens, and both are determined to keep it that way.
While Malta has been fiercely resisting pressure to close tax avoidance loopholes used by foreign companies, including Australian firms, to move profits out of the European Union, New Zealand has fought just as hard to protect its laws that make foreign profits tax-free and invisible for beneficiaries of its offshore trusts.
But what Key didn’t know, as he and Australia’s Prime Minister Malcolm Turnbull mingled with Muscat at CHOGM, was how deep those links really ran.
4 Corners: The Secrets of the Super Rich
Just weeks earlier, Muscat’s chief-of-staff, Keith Schembri, and Malta’s energy minister, Konrad Mizzi, had used New Zealand’s secrecy laws to set up two offshore trusts. These were to be linked to a secret Dubai bank account and to two Panama companies that Schembri and Mizzi had set up in 2013 through a Panamanian law firm.
The revelation of the New Zealand trusts has triggered ongoing crisis for Muscat’s government, but it also increases pressure on New Zealand to tighten its tax loophole for foreign trusts.
New Zealand’s 12,000-plus offshore trusts pay no New Zealand tax on foreign earnings. Their beneficiaries are not registered and their accounts are not filed with any public body. New Zealand regulators may demand this information, but it is not disclosed to foreign governments.
Details of the Malta controversy, and its New Zealand connections, have emerged from 11.5 million tax haven records obtained by the International Consortium of Investigative Journalists (ICIJ), the German newspaper Süddeutsche Zeitung and more than 100 other media partners worldwide.
…..
___________________________________
Penny Bright
2016 Auckland Mayoral candidate.
+100 Penny …you have been right about the corruption in New Zealand all along
This is interesting
http://panamapapers.sueddeutsche.de/articles/56febff0a1bb8d3c3495adf4/
seems like everybody who is anybody is into it ( from film stars to politicians to super rich businessmen, corporations, leaders of countries and finance, to mafia and other crooks, to drug dealers to disgraced sports international soccer managers)…everybody that is … except the poor little taxpaying mugginses who struggle to pay their taxes…and who are having their countries assets ripped off them by the corporates
Well said Chooky. Sickening.
Include the link: http://www.afr.com/business/banking-and-finance/the-panama-papers-nz–the-quiet-tax-haven-achiever-20160401-gnvw7s.html
Better still, do not breach other publishers’ copyright by pasting the text they own, thus exposing this blog to penalties. Disrespectful.
I wonder if NZ will step up…
http://www.bbc.com/news/business-35957178
“The Australian Tax Office (ATO) is investigating more than 800 individual taxpayers, all residents of Australia.
They have been identified as high net wealth clients of a law firm in Panama. “
How ironical that banks in New Zealand had to spend millions of dollars to implement processes to comply with the Anti Money Laundering and Financing Terrorism Act, while our Prime Minister is stealing the money from the tax payers with impunity.
This is a huge and important story. I expect FJK and Hoskers will be super relaxed about this.
Amazingly (or perhaps, not so amazingly), no stories at all on the Stuffed website homepage about this at the moment! The NZ Herald has a few stories, to their credit.
On stuffed right now, Auckland Airport fire alarm going off, oops it was a false alarm. Still breaking news!.. truly
http://www.stuff.co.nz/national/78552489/auckland-airport-evacuated
Mr Key has spun the story that a recent OECD review of the NZ tax system gave it a clean bill of health. So in reality there is no story here, and if there was a story it would be about what a wonderful job he has been doing.
Funny that in the second page of that 2014 report that Foriegn Owned Trusts is raised as an issue that affects the NZ tax base and is recommended by the OECD that these should be sorted out.
Do reporters not even bother to check out these type claims.
… yep, because Jokey Hen has assured us that there is nothing to worry about, then we needn’t. Would be interesting to know how many of the sycophantic Nat supporters would buy a car from the prick. Bet if you were to ask them, they would feel they had to answer yes but with fingers/legs and everything else crossed.
Can see this one becoming another to add to BLIP’s list before long.
sounds like national are in this donkey deep key didn’t seen to want answer quiestions do think the prick is involved
“NZ Tax Haven Inc – of the 0.01%, by the 0.01%, for the 0.01%”
FIFY
Only the seriously uber rich need apply.
Johnny’s not interested in anyone else.
Key lies again…
“New Zealand’s prime minister, John Key, has defended his government’s tax record after the Panama Papers showed links to the country connected to alleged offshore trusts set up by Maltese politicians and officials via New Zealand. Key told reporters:
“New Zealand has had the same tax laws when it comes to trusts since 1988, they were reviewed by the OECD in 2013 and they gave New Zealand a clean bill of health. We also have extensive disclosure regimes and we are signatories to a network of treaties.”
http://www.theguardian.com/news/live/2016/apr/04/panama-papers-global-reaction-to-huge-leak-of-offshore-tax-files-live
“Foreign investors in a New Zealand fund with only foreign investments will now bear no New Zealand tax on their income, whether or not the fund distributes that income. The tax change, which came into force in September 2011, should make New Zealand managed funds an attractive alternative to funds resident in Luxembourg, Ireland or the Caymans.”
http://www.chapmantripp.com/publications/Pages/New-Zealand-now-an-attractive-tax-location.aspx
Corporate Media Gatekeepers Protect Western 1% From Panama Leak
You know how Kiwiblog and other RWNJ media outlets have been harping on about how much tax the rich pay. Well, now you know why. It’s because they’re still not paying the amount that they should be.
This is interesting …a backgrounder on the firm Mossack Fonseca…that begun it all …and what it really is about in the Panama Papers
‘PANAMA PAPERS: MOSSACK FONSECA TIED TO NAZIS, CIA & MEXICAN DRUG LORDS’
http://geopolitics.co/2016/04/04/panama-papers-mossack-fonseca-tied-to-nazis-cia-mexican-drug-lords/
…” this is not a story about which super wealthy individuals did everything in their power, both legal and illegal, to avoid taxes, preserve their financial anonymity, and generally preserve their wealth. After all, that’s what they do, and it should not come as a surprise that they will always do that, especially following last year’s disclosure by the same ICIJ which revealed a list of 100,000 HSBC clients who had been dutifully avoiding the payment of taxes.
What the story is about is the nebulous world of offshore tax evasion and tax havens, which based on data from the World Bank, IMF, UN, and central banks, hide between $21 and $32 trillion, where registered incorporation agents and law firms in small Caribbean countries (and not so small US states) make the laundering of money and the “disappearance” of the super wealthy, into untracable numbers hidden behind shell companies, possible…”
( Helena pointed this paper out on the Daily Blog
http://thedailyblog.co.nz/2016/04/04/the-mossack-fonseca-papers-key-has-built-nz-into-a-tax-haven/ )
Is New Zealand a tax haven?
If it walks like a duck, talks like a duck .. ?
Seen this?
http://www.taxhavens.biz/other_tax_havens/tax_haven_new_zealand/
Tax Haven New Zealand
Home / Other Tax Havens / Tax Haven New Zealand
New Zealand is located in the Pacific Ocean on the southeast coast of Australia. The population of New Zealand is approximately 4.3 million people. Over the years New Zealand has developed into a country which helps clients tax advantage of international tax planning. New Zealand has a very well developed economy. The country depends mainly on free trade with its main export industries being agriculture, forestry and fishing. Tourism also makes a significant contribution to ht economy of the island nation.
Although New Zealand is said not to be a tax haven there are certain features which make people associate the jurisdiction with tax havens. The fact that the country has offshore services which includes offshore business entities and offshore trust formation tend to qualify New Zealand as a tax haven.
As a tax haven New Zealand has a business structure in place which allows clients to save on corporate and income taxes which are levied on corporations. The New Zealand limited partnership company can be structured to operate as an offshore business entity. An offshore corporation incorporated in New Zealand pays no local taxes if all its earnings are accumulated outside of the country. A New Zealand need not have partners who are citizens of the country.
New Zealand as a tax haven has certain laws which in common with some of the world top tax havens. For example the names and information of the limited partners in a limited partnership is not made public hence providing privacy for these individuals. Privacy is one of the basic characteristics of every tax haven. The Limited Partnership act of New Zealand does not obligate limited partnership companies to file annual audits with the tax authority in the tax haven. The laws obligate the limited partnership top prepare its audits but they do not have to be made public information.
In the jurisdiction of New Zealand a Special Purpose Company can be formed which can be structured to operate as an offshore company. A New Zealand is a company which acts as a trustee for a non resident New Zealand Company. This type of company will pay no taxes on income gained outside of the jurisdiction. A New Zealand Company is free to operate bank accounts and do business anywhere in the world.
Another entity commonly found in tax haven and also available in New Zealand is a New Zealand offshore trust company. The jurisdiction of New Zealand has a very good reputation for having a very good economy and political stability. This makes the country one of the best offshore jurisdictions to own an offshore trust in. The New Zealand offshore trust was first introduced in 1988 and is widely used as offshore vehicles. There are many benefits to opening an offshore trust in New Zealand. Offshore trusts are not taxed on income earned outside of the country.
To the residents of many of the worlds more developed countries New Zealand may seem to be a tax haven for the simple reason that the jurisdiction has very low tax rate compared to other countries of the world. The government authorities in the jurisdiction have lowered the corporate tax rate from 33% to 30% increasing the country’s ability to competitive with other countries. The low corporate tax rate in New Zealand makes the country very attractive to business investors. Non residents of New Zealand mat find their taxation system very appealing. Non residents to the country pay no taxes on foreign sourced income. These persons will only pay taxes on income earned in New Zealand.
New Zealand as a tax haven has no capital gains tax for both individual and corporations. In addition the country has signed double tax treaties with many countries including Australia, the United States of America, Canada, Singapore, Austria, South Africa, China, France and many other nations. What this does is remove many tax impediments and prevents investors from paying double tax.
As a tax haven New Zealand also offers offshore banking for corporations and individuals. Though not very popular New Zealand offshore banking has banking secrecy laws in place to protect the information which is regarded as private in offshore bank accounts in the tax haven.
New Zealand is one of the safest places to consider when investing abroad. The country has stable political and economical systems. The jurisdiction although it offers offshore services and advantages has not been targeted or black listed as a harmful tax haven. The laws which govern offshore entities in New Zealand are very modern and are up to par with its more developed offshore counterparts. The assets placed in New Zealand offshore entities are well protect by New Zealand laws. The tax haven of New Zealand is very helpful for persons who are considering reducing their tax liabilities.
……
__________________________________________________
Penny Bright
‘Anti-corruption Public Watchdog’
2016 Auckland Mayoral candidate
…isnt it good that we New Zealanders didnt allow jonkey to change our flag!
I hate to be the one that puts the cat amoungst the pigeons but how long have these tax loopholes been open for and how long have these foreign companies been taking advantage of our tax loopholes. My question is was it going on pre 2008?
In NZ since 2011 when the rules around non resident trusts were changed
I’m wondering if the ease of registering a company in NZ part of the attraction as well?
not so much the “ease”….as the “secrecy” as to who is behind these international companies and whether they are morally and legally legitimate
Wikileaks Poll on Panama Papers
https://twitter.com/wikileaks/status/716772373408718849
those that have a twitter account might want to participate 🙂
Leaders were elected who had close ties to the corrupt US monetary system after Enron, sub prime went down. These guys were sent to lead countries and sign them up to FTD’s therefore becoming embedded and colonised by corporate pay back. The poor never really have a debt crisis because they live in one. They can only go up. However we only hear of economic problems when the 1% gamble all their money and loose. These tax havens are really our investments that went down in these market crashes. where was the Madoff billions secreted?
Investigative journalism has brought the Panama Papers to light. It took a year for these journalists to hide important documents and finances of the rich personalities. This is by far the biggest ‘leak’ of sensitive and confidential information after Edward Snowden’s. It has implicated not only the business people, but dictators, sportspeople, celebrities, etc who are avoiding people snooping around their so-called ‘riches’. There will be some information made known publicly; while there will be some that will be ‘by-request’. I can’t wait for this saga to unfold.